Crypo Today: Bitcoin extends sharp corrective slide, Ethereum follows suit
• Bitcoin extends recent slump from all-time highs.
• Ethereum tracks, down over 17% from recent tops.
After two-days of extremely volatile moves, the value of bitcoin was still struggling to stabilize below $10,000 mark. Following the latest slump of around 15% from an all-time high level of $11,472.20, the world's largest cryptocurrency hovered around $9,600 mark during the Asian session on Friday, down around 3% for the day.
The recent volatility halted the digital currency's rapid ascent in recent months, fueled by expectations that it is slowly gaining traction in the mainstream investment world and increasing public awareness. Some analysts, however, hold the view that without everyday utility, only speculators were driving the prices higher.
Nevertheless, the BTC/USD ended November with strong gains of over 50% and is still up around 10% from last week and over 1,000% since the beginning of this year.
Ethereum, the second most traded digital currency, tracked Bitcoin’s price-action and extended its corrective slide from a record high level of $517, touched on Wednesday. At the time of writing, the ETH/USD was trading around traded around $422, down nearly 2.5% for the day.
The total market capitalization of all digital coins on CoinMarketCap stood at $299.64 billion, while Bitcoin’s market capitalization alone was down in excess of 5% over the past 24-hrs, at $ 166.80 billion.